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resolution.council.070-11
RESOLUTION NO.70 Series of 2011 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE DATED SEPTEMBER 26, 2011 FOR THE PROPERTY LOCATED AT 910 WEST HALLAM STREET #11 IN ASPEN, COLORADO, AND AUTHORIZING THE MAYOR OR CITY MANAGER TO APPROVE THIS EXECUTED CONTRACT ON BEHALF OF THE CITY OF ASPEN, COLORADO. WHEREAS, there has been submitted to the City Council a Contract to Buy and Sell Real Estate for the sale of Sagewood Condominiums #11, also known as 910 West Hallam Street #11, Aspen, Colorado, a true and accurate copy of which is attached hereto as Exhibit "A"; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN, COLORADO: That the City Council of the City of Aspen hereby approves that Contract to Buy and Sell Real Estate for the sale of Sagewood Condominiums #11, also known as 910 West Hallam Street #11, Aspen, Colorado, a copy of which is annexed hereto and incorporated herein, and does hereby authorize the Mayor or City Manager to execute said agreement on behalf of the City of Aspen. , INTRODUCED, READ AND ADOPTED by the City. Council of the City of Aspen on the 2t/ day of Oa"' , 2011. A'I'I� • I/ ichael C. elan , Mayo I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. Kathryn S. K.ch, City Clerk Of TLN -roved INI4QOIIfe: \unWewS9111WHalbm #II Mcx • • 4 Mason Morse Real Estate, Inc. 514 E. Hyman Ave. Aspen, CO 81611 -0000 Phone: 970- 925 -7000 Agent Fax: 970-925-7027 stephanie@masonmorse.com The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. 1 (CBS I -8 -10) (Mandatory 1 -1 1) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR 4 OTHER COUNSEL BEFORE SIGNING. 5 6 CONTRACT TO BUY AND SELL REAL ESTATE 7 (RESIDENTIAL) 8 9 Date: September 26, 2011 1 0 IAGREEMENTI I I 1. AGREEMENT. Buyer, identified in § 2.1, agrees to buy, and Seller, identified in § 2.3, agrees to sell, the Property 12 described below on the teens and conditions set forth in this contract (Contract). 13 2. PARTIES AND PROPERTY. f 4 2.1. Buyer. Buyer, Kimberli Hull Gregory Hull 15 , will take title to the real property described below as F Joint Tenants E Tenants In Common (— Other 16 n!a 17 2.2. Assignability and Inurement. This Contract F Shall I Shall Not be assignable by Buyer without Seller's 18 prior written consent. Except as so restricted, this Contract shall inure to the benefit of and be binding upon the heirs, 19 personal representatives, successors and assigns of the parties. 20 2.3. Seller. Seller, City of Aspen 21 , is the current owner of the Property described below. 22 2.4. Property. The Property is the following legally described real estate in the County of 23 Pitkin , Colorado: Sagewood Condominiums #11 24 known as No. 25 910 W. Hallam Street #11 Aspen, Colorado 81611 26 Street Address City State Zip 27 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, and all 28 interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 29 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 30 2.5.1. Fixtures. If attached to the Property on the date of this Contract: lighting, heating, plumbing, 31 ventilating and air conditioning fixtures, TV antennas, inside telephone, network and coaxial (cable) wiring and 32 connecting blocks /jacks, plants, mirrors, floor coverings, intercom systems, built -in kitchen appliances, sprinkler 33 systems and controls, built -in vacuum systems (including accessories), garage door openers including 34 0 remote controls. C8514•10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED 8Y: Stephanle Lewis, Broker Associate Reallasl, Inc. 02011, Realfast2Go. Sofnare Registered to: John Wendt 10, Mason Morse Real Estate. Inc. Page 1 or 19 All dishwashers, ranges, refrigerators, microwaves, washers and dryers currently on the property. 36 If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included in the 37 Purchase Price. 38 2.5.2. Personal Property. If on the Property whether attached or not on the date of this Contract: storm 39 windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings, curtain rods, 40 drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, and all keys. If 41 checked, the following are included: F Water Softeners 1 Smoke/Fire Detectors r Security Systems 42 F Satellite Systems (including satellite dishes). 43 Other Personal Property: n/a 44 The Personal Property to be conveyed at Closing shall be conveyed, by Seller, free and clear of all taxes (except 45 personal property taxes for the year of Closing), liens and encumbrances, except n/a 46 Conveyance shall be by bill of sale or other applicable legal instrument. 47 2.5.3. Parking and Storage Facilities. f✓ Use Only F Ownership of the following parking facilities: Any appurtenant to the property 48 ; and 1✓ Use Only F Ownership of the following storage facilities: Any appurtenant to the property. 49 2.5.4. Water Rights, Water and Sewer Taps. The following legally described water rights: All water rights, ditch and ditch right, well and well rights currently employed and appurtenant on said property. 50 Any water rights shall be conveyed by f 51 Deed r Other applicable legal instrument. 52 2.5.4.1. If any water well is to be transferred to Buyer, Seller agrees to supply required information 53 about such well to Buyer. Buyer understands that if the well to be transferred is a Small Capacity Well 54 or a Domestic Exempt Water Well used for ordinary household purposes, Buyer shall, prior to or at 55 Closing, complete a Change in Ownership form for the well. If an existing well has not been registered 56 with the Colorado Division of Water Resources in the Department of Natural Resources (Division), 57 Buyer shall complete a registration of existing well form for the well and pay the cost of registration. If 58 no person will be providing a closing service in connection with the transaction, Buyer shall file the 59 form with the Division within sixty days after Closing. The Well Permit # is 60 61 2.5.4.2, 1 Water Stock Certificates: 62 2.5.4.3. F Water Tap f Sewer Tap 63 Note: Buyer is advised to obtain, from the provider, written confirmation of the amount remaining to be paid, if any, 64 time and other restrictions for transfer and use of the tap. 65 2.6. Exclusions. The following items are excluded (Exclusions): none 66 3. DATES AND DEADLINES. 67 Item No, Reference Event Date or Deadline 68 I § 4.2.1 Alternative Earnest Money Deadline MEC + 3 days 69 Title and CIE 70 2 §7.1 Title Deadline October 5, 2011 71 3 §7.2 Exceptions Request Deadline October 5, 2011 CBS1. 8-10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Realfast. Inc, CR011, Reallast2Go. Software Registered lo: John Wendt III. Mason Morse Real Estate, Inc. Page 2 of 19 72 4 § 8.1 Title Objection Deadline October 19, 2011 73 5 § 8.2 . Off - Record Matters Deadline October 5, 2011 74 6 § 8.2 Off - Record Matters Objection Deadline October 19, 2011 75 7 § 7.4.4.1 CIC Documents Deadline October 5, 2011 76 8 § 7.4.5 CIC Documents Objection Deadline October 19, 2011 77 9 § 8.6 Right Of First Refusal Deadline n/a 78 Seller's Property Disclosure 79 10 §10.1 Seller's Property Disclosure Deadline October 5, 2011 80 Loan and Credit 81 11 § 5.1 Loan Application Deadline October 5, 2011 82 12 § 5.2 Loan Conditions Deadline October 31, 2011 83 13 § 5.3 Buyer's Credit Information Deadline n/a 84 14 § 5.3 Disapproval of Buyer's Credit Information Deadline n/a 85 15 § 5.4 Existing Loan Documents Deadline n/a 86 16 § 5.4 Existing Loan Documents Objection Deadline n/a 87 17 § 5.4 Loan Transfer Approval Deadline n/a 88 Appraisal 89 18 § 6.2.2 Appraisal Deadline October 18, 2011 90 19 § 6.2.2 Appraisal Objection Deadline October 24, 2011 91 Survey 92 20 § 7.3 Survey Deadline n/a 93 21 § 8.3.2 Survey Objection Deadline n/a 94 Inspection and Due Diligence 95 22 § 10.2 Inspection Objection Deadline October 19, 2011 96 23 § 10.3 Inspection Resolution Deadline October 24, 2011 97 24 § 10.5 Property Insurance Objection Deadline October 19, 2011 98 25 § 10.7 Due Diligence Documents Delivery Deadline October 5, 2011 99 26 § 10.8.1 Due Diligence Documents Objection Deadline October 19, 2011 • 100 Closing and Possession 101 27 § 12.3 Closing Date November 15, 2011 102 28 § 12.1 Closing Documents Delivery Deadline November 9, 2011 103 29 § 17 Possession Date November 15, 2011 104 30 § 17 Possession Time @ closing 105 31 §28 Acceptance Deadline Date September 30, 2011 106 32 §28 Acceptance Deadline Time 4:00 p.m. CBS10.10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reddest, inc. 02011. Reallasl2Go. Software Regiered lo: John Wendt 111. Mason Morse Real Estate, Inc. Page 3 019 107 n/a n/a n/a n/a los n/a In /a n/a In /a 109 Note: Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation 110 "N /A" or the word "Deleted" means not applicable and when inserted on any line in Dates and Deadlines (§ 3). means that 111 the corresponding provision of the Contract to which reference is made is deleted The abbreviation "MEC" (mutual execution 112 of this Contract) means the date upon which both parties have signed this Contract. 113 4. PURCHASE PRICE AND TERMS. 114 4.1. Price and Terms. The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as follows: Item No. Reference Item Amount Amount § 4.1 Purchase Price $ 525,000.00 2 § 4.2 Earnest Money $ 50 1 000.00 3 § 4.5 New Loan 415,000.00 4 § 4.6 Assumption Balance 5 § 4.7 Seller or Private Financing 6 7 8 § 4.3 Cash at Closing 60,000.00 9 TOTAL $ 525,000.00 $ 525,000.00 115 4.2. Earnest Money. The Earnest Money set forth in this section, in the form of 116 check or wire transfer , shall be payable to and held by 111 Land Title (Earnest Money Holder), in its trust account, on 118 behalf of both Seller and Buyer. The Earnest Money deposit shall be tendered with this Contract unless the parties 119 mutually agree to an Alternative Earnest Money Deadline (§ 3) for its payment. If Earnest Money Holder is other than 120 the Brokerage Firm identified in § 32 or § 33, Closing Instructions signed by Buyer, Seller and Earnest Money Holder 121 must be obtained on or before delivery of Earnest Money to Earnest Money Holder. The parties authorize delivery of the 122 Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the 123 event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for 124 the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any 125 interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred 126 to such fund. 127 4.2.1. Alternate Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at 128 the time of tender of the Contract is as set forth as the Alternative Earnest Money Deadline (§ 3). 129 4.2.2. Return of Earnest Money. If Buyer has a right to terminate this Contract and timely terminates, Buyer 130 shall be entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set 131 forth in § 25 and, except as provided in § 24, if the Eamest Money has not already been returned following 132 receipt of a Notice to Terminate or other written notice of termination, Seller agrees to execute and return to 133 Buyer or Broker working with Buyer, written mutual instructions, i.e., Earnest Money Release form, within three 134 days of Seller's receipt of such form. 135 4.3. Form of Funds; Time of Payment; Funds Available. 136 4.3.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at 137 Closing and closing costs, shall be in funds that comply with all applicable Colorado laws, including electronic 138 transfer funds, certified check, savings and loan teller's check and cashier's check (Good Funds). 139 4.3.2, Available Funds. All funds required to be paid at Closing or as otherwise agreed in writing 140 between the parties shall be timely paid to allow disbursement by Closing Company at Closing OR CBS1'8.10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallssl, Inc.02011, Reallast2Go. Software Registered lo: John Wendt III Mason Morse Real Eslale, Inc. Page a of 19 141 SUCH PARTY SHALL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this 142 Contract, r Does F Does Not have funds that are immediately verifiable and available in an 143 amount not less than the amount stated as Cash at Closing in § 4.1. 144 4.4. Seller Concession. Seller, at Closing, shall pay or credit, as directed by Buyer, a total amount of 145 $ 0.00 to assist with Bayer's closing costs, loan discount points, loan origination fees, prepaid items 146 (including any amounts that Seller agrees to pay because Buyer is not allowed to pay due to FHA, CHFA, VA, etc.), and 147 any other fee, cost, charge, expense or expenditure related to Buyer's New Loan or other allowable Seller concession 148 (collectively, Seller Concession). Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer 149 elsewhere in this Contract. Seller Concession shall be reduced to the extent it exceeds the aggregate of what is allowed 150 by Buyer's lender, but in no event shall Seller pay or credit an amount for Seller Concession that exceeds the lesser of 151 (1) the stated amount for Seller Concession or (2) Buyer's closing costs. 152 4.5. New Loan. 153 4.5.1. Buyer to Pay Loan Costs. Buyer, except as provided in § 4.4, if applicable. shall timely pay Buyer's 154 loan costs, loan discount points, prepaid items and loan origination fees, as required by lender. 155 4.5.2. Buyer May Select Financing. Buyer may select financing appropriate and acceptable to Buyer, 156 including a different loan than initially sought, except as restricted in § 29, Additional Provisions. 157 4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loan: 158 1 Conventional N FHA 1 VA F Bond fl Other n/a 159 4.5.4. Good Faith Estimate - Monthly Payment and Loan Costs. Costs. Buyer is advised to review the 160 terms. conditions and costs of Buyer's New Loan carefully. If Buyer is applying for a residential loan, the lender 161 generally must provide Buyer with a good faith estimate of Buyer's closing costs within three days after Buyer 162 completes a loan application. Buyer should also obtain an estimate of the amount of Buyer's monthly mortgage 163 payment. If the New Loan is unsatisfactory to Buyer, then Buyer may terminate this Contract pursuant to § 5.2 164 no later than Loan Conditions Deadline (§ 3). 165 4.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption 166 Balance set forth in § 4.1, presently payable at $ per - including 167 principal and interest presently at % per annum, and also including escrow for the following as 168 indicated: r Real Estate Taxes 1 Insurance Premium F Mortgage Insurance Premium 169 and 1 170 Buyer agrees to pay a loan transfer fee not to exceed $ . At the time of assumption, the new 171 interest rate shall not exceed % per annum and the new payment shall not exceed 172 $ per principal and interest, plus escrow, if any. If the actual 173 principal balance of the existing loan at Closing is less than the Assumption Balance, which causes the amount of cash 174 required from Buyer at Closing to be increased by more than $ , then 1 Buyer May 175 Terminate this Contract effective upon receipt by Seller of Buyer's written notice of termination or 176 (- 177 Seller F Shall F Shall Not be released from liability on said loan. If applicable, compliance with the requirements for 178 release from liability shall be evidenced by delivery r on or before Loan Transfer Approval Deadline E at 179 Closing of an appropriate letter of commitment from lender. Any cost payable for release of liability shall be paid by 180 in an amount not to exceed $ 181 4.7. Seller or Private Financing. Buyer agrees to execute a promissory note payable to 182 , as F Joint Tenants E Tenants In 183 Common r Other , on the note form as 184 indicated: 185 r (Default Rate) NTDSI -l0 -6 f Other 186 secured by a (1st, 2nd, etc.) deed of trust encumbering the Property, using the form as indicated: 187 f Due on Transfer - Strict (TD72 -8 -10) f Due on Transfer - Creditworthy (TD73 -8 -10) f Assumable - Not 188 Due On Transfer (TD74- 8 -1 E Other CBS1 -8 -10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Realfasl, Inc. 02D11, Reallast2Go. Software Registered lo: John Wendt III, Mason Morse Real Estate, Inc. Page 5 of 19 • 189 The promissory note shall be amortized on the basis of F Years F Months, payable at 190 191 $ per including principal and interest at the rate of % per annum. Payments shall commence and shall be due on the 192 193 day of each succeeding . If not sooner paid, the balance of principal and accrued 194 interest shall be due and payable after Closing. Payments r Shall 195 f Shall Not be increased by of estimated annual real estate taxes, and F Shall F Shall Not 196 be increased by of estimated annual property insurance premium. The loan shall also contain 197 the following terms: (1) if any payment is not received within days after its due date, a late charge of 198 % of such payment shall be due; (2) interest on lender disbursements under the deed of trust shall be 199 % per annum: (3) default interest rate shall be % per annum; (4) Buyer may prepay 200 without a penalty except 201 ; and (5) Buyer F Shall r Shall Not execute and deliver, at Closing, a Security Agreement and UCC -1 Financing 202 Statement granting the holder of the promissory note a (1st, 2nd, etc.) lien on the personal property included 203 in this sale. 204 Buyer r Shall F Shall Not provide a mortgagee's title insurance policy, at Buyer's expense. TRANSACTION PROVISIONS 205 5. FINANCING CONDITIONS AND OBLIGATIONS. 206 5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New 207 Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, shall make an application 208 verifiable by such lender, on or before Loan Application Deadline (§ 3) and exercise reasonable efforts to obtain such 209 loan or approval. 210 5.2. Loan Conditions. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is 211 conditional upon Buyer determining, in Buyer's sole subjective discretion, whether the New Loan is satisfactory to 212 Buyer, including its availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is 213 for the benefit of Buyer. If such New Loan is not satisfactory to Buyer, Seller must receive written notice to terminate 214 from Buyer, no later than Loan Conditions Deadline (§ 3), at which time this Contract shall terminate. IF SELLER 215 DOES NOT TIMELY RECEIVE WRITTEN NOTICE TO TERMINATE, THIS CONDITION SHALL BE 216 DEEMED WAIVED, AND BUYER'S EARNEST MONEY SHALL BE NONREFUNDABLE, EXCEPT AS 217 OTHERWISE PROVIDED IN THIS CONTRACT (e.g., Appraisal, Title, Survey). 218 5.3. Credit Information and Buyer's New Senior Loan. If Buyer is to pay all or part of the Purchase Price by 219 executing a promissory note in favor of Seller. or if an existing loan is not to be released at Closing, this Contract is 220 conditional (for the benefit of Seller) upon Seller's approval of Buyer's financial ability and creditworthiness, which 221 approval shall be at Seller's sole subjective discretion. In such case: (1) Buyer shall supply to Seller by Buyer's Credit 222 Information Deadline (§ 3), at Buyer's expense, information and documents (including a current credit report) 223 concerning Buyer's financial, employment and credit condition and Buyer's New Senior Loan, defined below, if any; 224 (2) Buyer consents that Seller may verify Buyer's financial ability and creditworthiness; (3) any such infomtation and 225 documents received by Seller shall be held by Seller in confidence, and not released to others except to protect Seller's 226 interest in this transaction; and (4) in the event Buyer is to execute a promissory note secured by a deed of trust in favor 227 of Seller, this Contract is conditional (for the benefit of Seller) upon Seller's approval of the terms and conditions of any 228 New Loan to be obtained by Buyer if the deed of trust to Seller is to be subordinate to Buyer's New Loan (Buyer's New 229 Senior Loan). Additionally, Seller shall have the right to terminate, at or before Closing, if the Cash at Closing is less 230 than as set forth in § 4.1 of this Contract or Buyer's New Senior Loan changes from that approved by Seller. If Seller 231 does not deliver written notice to terminate to Buyer based on Seller's disapproval of Buyer's financial ability and 232 creditworthiness or of Buyer's New Senior Loan by Disapproval of Buyer's Credit Information Deadline (§ 3), then 233 Seller waives the conditions set forth in this section as to Buyer's New Senior Loan as supplied to Seller. If Seller 234 delivers written notice to terminate to Buyer on or before Disapproval of Buyer's Credit Information Deadline (§ 3), 235 this Contract shall terminate, CBS1.6-00. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED 8Y: Stephanie Lewis, Broker Associate Rearrest, Inc. 62071, Reallesl2Go. Software Registered lo: John Wendt III, Mason Mono Real Estate. Inc. Page 6 of 19 • 236 5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller shall deliver copies of the loan 237 documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan Documents Deadline 238 (§ 3). For the benefit of Buyer, this Contract is conditional upon Buyer's review and approval of the provisions of such 239 loan documents, in Buyer's sole subjective discretion. If written notice to terminate based on Buyer's objection to such 240 loan documents is not received by Seller by Existing Loan Documents Objection Deadline (§ 3), Buyer accepts the 241 terms and conditions of the documents. If the lender's approval of a transfer of the Property is required, this Contract is 242 conditional upon Buyer's obtaining such approval without change in the terms of such loan, except as set forth in § 4.6. 243 If lender's approval is not obtained by Loan Transfer Approval Deadline (§ 3), this Contract shall terminate on such 244 deadline. If Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as 245 set forth in § 4.6, This Contract may be terminated at Seller's option. 246 6. APPRAISAL PROVISIONS. 247 6.1. Property Approval. If the lender imposes any requirements or repairs (Requirements) to be made to the 248 Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller may 249 terminate this Contract (notwithstanding § 10 of this Contract) by delivering written notice to terminate to Buyer on or 250 before three days following Seller's receipt of the Requirements. Seller's right to terminate in this § 6.1 shall not apply if 251 on or before any termination by Seller pursuant to this § 6.1: (1) the parties enter into a written agreement regarding the 252 Requirements; or (2) the Requirements are completed by Seller; or (3) the satisfaction of the Requirements is waived in 253 writing by Buyer. 254 6.2. Appraisal Condition. 255 f 6.2.1. Not Applicable. This § 6.2 shall not apply. 256 r 6.2.2. Conventional /Other. Buyer shall have the sole option and election to terminate this Contract if the 257 Purchase Price exceeds the Property's valuation determined by an appraiser engaged by 258 Buyer . The appraisal shall be received by Buyer or Buyer's 259 lender on or before Appraisal Deadline (§ 3). This Contract shall terminate by Buyer delivering to Seller 260 written notice of termination and either a copy of such appraisal or written notice from lender that confirms the 261 Property's valuation is less than the Purchase Price, received by Seller on or before Appraisal Objection 262 Deadline (§ 3). If Seller does not receive such written notice of termination on or before Appraisal Objection 263 Deadline (§ 3), Buyer waives any right to terminate under this section. 264 r 6.2.3. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the Purchaser 265 (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty 266 by forfeiture of Earnest Money deposits or otherwise unless the Purchaser (Buyer) has been given in accordance 267 with HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, 268 Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the appraised value of the 269 Property of not less than $ . The Purchaser (Buyer) shall have the privilege and option 270 of proceeding with the consummation of the Contract without regard to the amount of the appraised valuation. 271 The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban 272 Development will insure. HUD does not warrant the value nor the condition of the Property. The Purchaser 273 (Buyer) should satisfy himself/herself that the price and condition of the Property are acceptable. 274 C 6.2.4. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser 275 (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the 276 purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the reasonable value of 277 the Property established by the Department of Veterans Affairs. The purchaser (Buyer) shall, however. have the 278 privilege and option of proceeding with the consummation of this Contract without regard to the amount of the 279 reasonable value established by the Department of Veterans Affairs. 280 6.3. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract shall be timely paid by 281 F Buyer F Seller. 282 Note: If FHA or VA Appraisal is checked, the Appraisal Deadline (§ 3) does not apply to FHA or VA guaranteed 283 loans. 284 7. EVIDENCE OF TITLE, SURVEY AND CIC DOCUMNETS. • CBST4 -10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Realtasi, In 52011. RealIast2Go. Software Registered lo: John Wendt III, Mason Morse Real Estate, Inc. Page 7 0119 • • 285 7.1. Evidence of Title. On or before Title Deadline (§ 3), Seller shall cause to be furnished to Buyer, at Seller's 286 expense, a current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the 287 Purchase Price, or if this box is checked, F An Abstract of title certified to a current date. If title insurance is 288 furnished, Seller shall also deliver to Buyer copies of any abstracts of title covering all or any portion of the Property 7 789 (Abstract) in Seller's possession. At Seller's expense, Seller shall cause the title insurance policy to be issued and 290 delivered to Buyer as soon as practicable at or after Closing. The title insurance commitment P Shall [ Shall Not 291 commit to delete or insure over the standard exceptions which relate to: (I) parties in possession, (2) unrecorded 292 easements, (3) survey matters, (4) any unrecorded mechanics' liens, (5) gap period (effective date of commitment to date 293 deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any 294 additional premium expense to obtain this additional coverage shall be paid by r Buyer [7 Seller. 295 Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions. Buyer 296 shall have the right to review the Title Commitment, its provisions and Title Documents (defined in § 7.2). and if not 297 satisfactory to Buyer, Buyer may exercise Buyer's rights pursuant to § 8.1, 7.2. Copies of Exceptions. On or before Title Deadline (§ 3), Seller, at Sellers expense, shall fumish to Buyer and 298 Buyer's Attorney and Buyers Agent , (I) copies of 299 any plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a Title Commitment is 300 required to be furnished, and if this box is checked r Copies of any Other Documents (or, if illegible, summaries of 301 such documents) listed in the schedule of exceptions (Exceptions). Even it the box is not checked, Seller shall have the 302 obligation to furnish these documents pursuant to this section if requested by Buyer any time on or before Exceptions 303 Request Deadline (§ 3). This requirement shall pertain only to documents as shown of record in the office of the clerk 304 and recorder in the county where the Property is located. The abstract or Title Commitment, together with any copies or 305 summaries of such documents furnished pursuant to this section, constitute the title documents (collectively, Title 306 Documents), 307 7.3. Survey. On or before Survey Deadline (§ 3), E Seller r Buyer shall order or provide, and cause Buyer (and 308 the issuer of the Title Commitment or the provider of the opinion of title if an abstract) to receive, a current 309 [ Improvement Survey Plat f Improvement Location Certificate 310 r (the 311 description checked is known as Survey). An amount not to exceed $ for Survey shall be paid 312 by f Buyer F Seller. If the cost exceeds this amount, [ Buyer (- Seller shall pay the excess on or before Closing. 313 Buyer shall not be obligated to pay the excess unless Buyer is informed of the cost and delivers to Seller. before Survey 314 is ordered, Buyers written agreement to pay the required amount to be paid by Buyer. 315 7.4. Common Interest Community Documents. The term CIC Documents consists of all owners' association 316 (Association) declarations, bylaws, operating agreement, rules and regulations, party wall agreements, minutes of most 317 recent annual owners' meeting and minutes of any directors' or managers' meetings during the 6 -month period 318 immediately preceding the date of this Contract, if any (Governing Documents), most recent financial documents 319 consisting of (1) annual balance sheet, (2) annual income and expenditures statement, and (3) annual budget (Financial 320 Documents), if any (collectively CIC Documents). 321 f 7.4.1. Not Applicable. This § 7.4 shall not apply. 322 7.4.2. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A 323 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH 324 COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF 325 THE OWNER'S ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE 326 BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE DECLARATION, 327 BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS 328 UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY 329 ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE 330 ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND 331 POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS, AND RULES AND CBS1.8 -10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) • PREPARED BY: Stephanie Lewis, Broker Associate Reallasl, Inc. 62011, Reallasl2Go. Sollware Registered to: John Wendt III, Mason Morse Real Estate, Inc. Page It 0119 332 REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 333 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE 334 ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE 335 ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST 336 COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF 337 THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR 338 THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE 339 ASSOCIATION. 340 C 7.4.3. Not Conditional on Review. Buyer acknowledges that Buyer has received a copy of the CIC 341 Documents. Buyer has reviewed them, agrees to accept the benefits. obligations and restrictions that they impose 342 upon the Property and its owners and waives any right to terminate this Contract due to such documents, 343 notwithstanding the provisions of § 8.5. 344 7.4.4. CIC Documents to Buyer. 345 P 7.4.4.1. Seller to Provide CIC Documents. Seller shall cause the CIC Documents to be provided 346 to Buyer, at Seller's expense, on or before CIC Documents Deadline (§ 3). 347 (— 7.4.4.2. Seller Authorizes Association. Seller authorizes the Association to provide the CIC 348 Documents to Buyer, at Seller's expense. 349 7.4.43. Seller's Obligation. Seller's obligation to provide the CIC Documents shall be fulfilled 350 upon Buyer's receipt of the CIC Documents, regardless of who provides such documents. 351 7.4.5. Conditional on Buyer's Review. If the box in either § 7.4.4.1 or § 7.4.4.2 is checked, the provisions of 352 this § 7.4.5 shall apply. In the event of any unsatisfactory provision in any of the CIC Documents, in Buyer's 353 sole subjective discretion, and written notice to terminate by Buyer, or on behalf of Buyer, is delivered to Seller 354 on or before CIC Documents Objection Deadline (§ 3), this Contract shall terminate. If Seller does not receive 355 Buyer's written notice to terminate on or before CIC Documents Objection Deadline (§ 3), Buyer accepts the 356 CIC Documents and waives the right to terminate for that reason. 357 Should Buyer receive the CIC Documents after CIC Documents Deadline (§ 3), Buyer shall have the right, at 358 Buyer's option, to terminate this Contract by written notice to terminate delivered to Seller on or before ten days 359 after Buyer's receipt of the CIC Documents. If Buyer does not receive the CIC Documents, or if such written 360 notice to terminate would otherwise be required to be delivered after Closing Date (§ 3), Buyer's written notice 361 to terminate shall be received by Seller on or before three days prior to Closing Date (§ 3). If Seller does not 362 receive Buyer's written notice to terminate within such time, Buyer accepts the provisions of the CIC 363 Documents. and Buyer's right to terminate this Contract pursuant to this section is waived, notwithstanding the 364 provisions of § 8.5. 365 Note: If no box in this § 7.4 is checked, the provisions of § 7.4.4.1 shall apply. 366 8. TITLE AND SURVEY REVIEW. 367 8.1. Title Review. Buyer shall have the right to review the Title Documents. Buyer shall provide written notice to 368 terminate based on unmerchantability of title, unsatisfactory form or content of Title Commitment, or, notwithstanding 369 § 13, of any other unsatisfactory title condition, in Buyer's sole and subjective discretion, shown by the Title Documents 370 (Notice of Title Objection). Such Notice of Title Objection shall be delivered by or on behalf of Buyer and received by 371 Seller on or before Title Objection Deadline (§ 3), provided such Title Documents are received by Buyer in a timely 372 manner. If there is an endorsement to the Title Commitment that adds a new Exception to title, a copy of the new 373 Exception to title and the modified Title Commitment shall be delivered to Buyer. Provided however, Buyer shall have 374 five days to deliver the Notice of Title Objection after receipt by Buyer of the following documents: (1) any required 375 Title Document not timely received by Buyer, (2) any change to the Title Documents, or (3) endorsement to the Title 376 Commitment. If Seller does not receive Buyer's Notice of Title Objection by the applicable deadline specified above, 377 Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory. 378 8.2. Matters Not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off - Record 379 Matters Deadline (§ 3) true copies of all leases and surveys in Seller's possession pertaining to the 380 Property and shall disclose to Buyer all easements, liens (including, without limitation, governmental CBS1.8 -00. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallast, Inc. 02011. Reallasl2Go. Software Registered lo: John Wendt III, Meson Morse Real Estate. Inc. Page 9 of 19 381 improvements approved, but not yet installed) or other title matters (including, without limitation, rights of 382 first refusal and options) not shown by the public records of which Seller has actual knowledge. Buyer 383 shall have the right to inspect the Property to investigate if any third party has any right in the Property not 384 shown by the public records (such as an unrecorded easement, unrecorded lease, boundary line 385 discrepancy or water rights). Written notice to terminate based on any unsatisfactory condition (whether 386 disclosed by Seller or revealed by such inspection, notwithstanding § 13). in Buyer's sole subjective 387 discretion, by or on behalf of Buyer shall be delivered to Seller on or before Off - Record Matters Objection 388 Deadline (§ 3). If Seller does not receive Buyer's written notice to terminate on or before Off - Record 389 Matters Objection Deadline (§ 3), Buyer accepts title subject to such rights, if any, of third parties of which 390 Buyer has actual knowledge. 391 8.3. Survey Review. 392 V 8.3.1. Not Applicable. This § 8.3 shall not apply. 393 f 8.3.2. Conditional on Survey. If the box in this § 8.3.2 is checked, Buyer shall have the right to review the 394 Survey. If written notice to terminate by or on behalf of Buyer based on any unsatisfactory condition, in Buyer's 395 sole subjective discretion, shown by the Survey, notwithstanding § 8.2 or § 13, is received by Seller on or before 396 Survey Objection Deadline (§ 3), this Contract shall terminate. If Seller does not receive Buyer's written notice 397 to terminate by Survey Objection Deadline (§ 3), Buyer accepts the Survey as satisfactory. 398 8.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL 399 OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX 400 LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH 401 DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE 402 SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF 403 SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL 404 LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE 405 PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE 406 CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND BY OBTAINING FURTHER INFORMATION 407 FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE 408 COUNTY ASSESSOR. 409 In the event the Property is located within a special taxing district and Buyer desires to terminate this Contract as the 410 effect of the special taxing district is unsatisfactory, in Buyer's sole subjective discretion, if written notice to terminate, 411 by or on behalf of Buyer, is received by Seller on or before Off- Record Matters Objection Deadline (§ 3), this 412 Contract shall terminate. If Seller does not receive Buyer's written notice to terminate on or before Off - Record Matters 413 Objection Deadline (§ 3), Buyer accepts the effect of the Property's inclusion in such special taxing district and waives 414 the right to terminate for that reason. 415 8.5. Right to Object, Cure. Buyer's right to object shall include, but not be limited to, those matters set forth in §§ 8 416 and 13. If Seller receives Buyer's written notice to terminate or notice of unmerchantability of title or any other 417 unsatisfactory title condition or commitment terms as provided in §§ 8.1 and 8.2, Seller shall use reasonable efforts to 418 correct said items and bear any nominal expense to correct the same prior to Closing. If such unsatisfactory title 419 condition is not corrected to Buyer's satisfaction, in Buyer's sole subjective discretion, on or before Closing, this 420 Contract shall terminate; provided, however, Buyer may, by written notice received by Seller on or before Closing, 421 waive objection to such items. 422 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property, or a right to 423 approve this Contract, Seller shall promptly submit this Contract according to the terms and conditions of such right. If 424 the holder of the right of first refusal exercises such right or the holder of a right to approve disapproves this Contract, 425 this Contract shall terminate. If the right of first refusal is waived explicitly or expires, or the Contract is approved, this 426 Contract shall remain in full force and effect. Seller shall promptly notify Buyer in writing of the foregoing. If expiration 427 or waiver of the right of first refusal or Contract approval has not occurred on or before Right of First Refusal 428 Deadline (§ 3), this Contract shall terminate. 429 8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should 430 be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, CBSI -8 -10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate fleallasl, Inc. 62011, Reallast2Go. Sollware Registered lo: John Wendt 111, Mason Morse Real Estate, Inc. Page ID of 19 431 ownership and use of the Property, including without limitation boundary lines and encroachments, area, 432 zoning. unrecorded easements and claims of easements, leases and other unrecorded agreements, and 433 various laws and governmental regulations concerning land use, development and environmental matters. 434 The surface estate may be owned separately from the underlying mineral estate, and transfer of the 435 surface estate does not necessarily include transfer of the mineral rights or water rights. Third parties 436 may hold interests in oil, gas, other minerals, geothermal energy or water on or under the Property, 437 which interests may give them rights to enter and use the Property. Such matters may be excluded from or 438 not covered by the title insurance policy. Buyer is advised to timely consult legal counsel with respect to 439 all such matters as there are strict time limits provided in this Contract [e.g., Title Objection Deadline (§ 3) 440 and Off - Record Matters Objection Deadline (§ 3)]. 441 9. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith, including but not 442 limited to exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations (§ 5), 443 Title and Survey Review (§ 8) and Property Disclosure, Inspection, Indemnity, Insurability and Due Diligence (§ 10). DISCLOSURE, INSPECTION AND DUE DILIGENCE 444 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE, BUYER 445 DISCLOSURE AND SOURCE OF WATER. 446 10.1. Seller's Property Disclosure Deadline. On or before Seller's Property Disclosure Deadline (§ 3), Seller 447 agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property 448 Disclosure form completed by Seller to Seller's actual knowledge, current as of the date of this Contract. 449 10.2. Inspection Objection Deadline. Unless otherwise provided in this Contract, Buyer acknowledges that Seller is 450 conveying the Property to Buyer in an "as is" condition, "where is" and "with all faults ". Seller shall disclose to Buyer, in 451 writing, any latent defects actually known by Seller. Buyer, acting in good faith, shall have the right to have inspections 452 (by a third party, personally or bout) of the Property and Inclusions (Inspection), at Buyer's expense. If (I) the physical 453 condition of the Property, (2) the physical condition of the Inclusions, (3) service to the Property (including utilities and 454 communication services), systems and components of the Property, e.g. heating and plumbing, (4) any proposed or 455 existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the 456 Property) and its effect or expected effect on the Property or its occupants is unsatisfactory in Buyer's sole subjective 457 discretion, Buyer shall, on or before Inspection Objection Deadline (§ 3): 458 10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 459 10.2.2. Notice to Correct. Deliver to Seller a written description of any unsatisfactory physical condition 460 which Buyer requires Seller to correct (Notice to Correct). 461 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 3), the physical condition of the 462 Property and Inclusions shall be deemed to be satisfactory to Buyer. 463 10.3. Inspection Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not 464 agreed in writing to a settlement thereof on or before Inspection Resolution Deadline (§ 3), this Contract shall terminate 465 on Inspection Resolution Deadline (§ 3), unless Seller receives Buyer's written withdrawal of the Notice to Correct 466 before such termination, i.e., on or before expiration of Inspection Resolution Deadline (§ 3). 467 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract, is responsible for 468 payment for all inspections, tests, surveys, engineering reports, or any other work performed at Buyer's request (Work) 469 and shall pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer shall not permit 470 claims or liens of any kind against the Property for Work performed on the Property at Buyer's request. Buyer agrees to 471 indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller 472 and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses 473 incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this section, including 474 Seller's reasonable attorney fees, legal fees and expenses. The provisions of this section shall survive the termination of 475 this Contract. 476 10.5. Insurability. This Contract is conditional upon Buyer's satisfaction, in Buyer's sole subjective 477 discretion, with the availability, terms and conditions of and premium for property insurance. This Contract CBSl.a -10. CONTRACT TO BUY ANO SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallast, Inc.@2011, Reallast2no. Software Registered to: John Wendt 111, Mason Morse Real Estele, Inc. Page 11 of 19 478 shall terminate upon Seller's receipt, on or before Property Insurance Objection Deadline (§ 3), of Buyer's 479 written notice to terminate based on such insurance being unsatisfactory to Buyer. If Seller does not receive 480 Buyer's written notice to terminate on or before Property Insurance Objection Deadline (§ 3), Buyer shall 481 have waived any right to terminate under this provision. 482 10.6. Due Diligence - Physical Inspection. Buyer's Inspection of the Property under § 10.2 shall also include, without 483 limitation, at Buyer's option, an inspection of the roof, walls, structural integrity of the Property and an inspection of the 484 electrical, plumbing, HVAC and other mechanical systems of the Property. If the condition of the Property or Inclusions 485 are not satisfactory to Buyer, in Buyer's sole subjective discretion, Buyer shall, on or before Inspection Objection 486 Deadline (§ 3), provide the applicable written notice pursuant to § 10.2. 487 10.7. Due Diligence - Documents. Seller agrees to deliver copies of the following. documents and information (Due 488 Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline (§ 3) to the extent such Due 489 Diligence Documents exist and are in Seller's possession: 490 10.8. Due Diligence Documents Conditions. This Contract is subject to and expressly conditional upon Buyer, in 491 Buyer's sole subjective discretion, reviewing and approving the Due Diligence Documents, Survey and Leases. Buyer 492 shall also have the unilateral right to waive any condition herein. 493 10.8.1. Due Diligence Documents. If Buyer is not satisfied with the results of Buyer's review of the Due 494 Diligence Documents and written notice to terminate is received by Seller on or before Due Diligence 495 Documents Objection Deadline (§ 3), this Contract shall terminate. 496 10.8.2. Survey. If any unsatisfactory condition is shown by the Survey and written notice to terminate is 497 received by Seller on or before Survey Objection Deadline (§ 3), this Contract shall terminate. 498 10.8.3. Leases. If the Leases are not satisfactory to Buyer, Seller shall receive written notice to terminate on 499 or before Off - Record Matters Objection Deadline (§ 3), unless the Leases are not timely delivered under 500 § 8.2, then Seller shall receive written notice to terminate on or before Due Diligence Documents Objection 501 Deadline (§ 3). If Seller timely receives written notice to terminate, this Contract shall terminate. 502 If Buyer's written notice to terminate for any of the conditions set forth above is not timely received by Seller, then such 503 condition shall be deemed to be satisfactory to Buyer. 504 10.9. Buyer Disclosure. Buyer represents that Buyer I Does f✓ Does Not need to sell and close a property to 505 complete this transaction. 506 Note: Any property sale contingency should appear in Additional Provisions (§ 29). 507 10.10. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer F Does 508 P' Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the 509 source of potable water for the Property. Buyer E Does r Does Not acknowledge receipt of a copy of the current well 510 permit. P There is No Well. 511 Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE 512 GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE 5 DESCRIBED SOURCE) TO DETERMINE THE LONG -TERM SUFFICIENCY OF THE PROVIDER'S 514 WATER SUPPLIES. 515 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel - fired heater or appliance, a 516 fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the 517 parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm 518 installed within fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code. 519 10.12. Lead - Based Paint. Unless exempt, if the improvements on the Property include one or more residential 520 dwellings for which a building permit was issued prior to January 1, 1978, this Contract shall be void unless (I) a 521 completed Lead -Based Paint Disclosure (Sales) form is signed by Seller, the required real estate licensees and Buyer, and 522 (2) Seller receives the completed and fully executed form prior to the time when the Contract is signed by all parties. 523 Buyer acknowledges timely receipt of a completed Lead -Based Paint Disclosure (Sales) form signed by Seller and the 524 real estate licensees. 525 10.13. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, CBS1 -9.10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallas!, Inc. 02011, ReallasI2Go. Sollware Registered lo: John Wendt III, Mason Morse Real Estate, Inc. Page 12 of 19 526 processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such fact. No 527 disclosure is required if the Property was remediated in accordance with state standards and other 528 requirements are fulfilled pursuant to § 25 -18.5 -102, C.R.S. Buyer further acknowledges that Buyer has the 529 right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used 530 as a methamphetamine laboratory. If Buyer's test results indicate that the Property has been contaminated 531 with methamphetamine, but has not been remediated to meet the standards established by rules of the State 532 Board of Health promulgated pursuant to § 25- 18.5 -102, C.R.S., Buyer shall promptly give written notice to 533 Seller of the results of the test, and Buyer may terminate this Contract upon Seller's receipt of Buyer's 534 written notice to terminate, notwithstanding any other provision of this Contract. 535 11. COLORADO FORECLOSURE PROTECTION ACT. The Colorado Foreclosure Protection Act (Act) generally 536 applies if: (1) the Property is residential, (2) Seller resides in the Property as Seller's principal residence, (3) Buyer's purpose 537 in purchase of the Properly is not to use the Property as Buyer's personal residence, and (4) the Property is in foreclosure or 538 Buyer has notice that any loan secured by the Property is at least thirty days delinquent or in default. If the transaction is a 539 Short Sale transaction and a Short Sale Addendum is part of this Contract, the Act does not apply. Each party is further 540 advised to consult an altomey. 541 CLOSING PROVISIONS 542 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 543 12.1. Closing Documents and Closing Information. Seller and Buyer shall cooperate with the Closing Company to 544 enable the Closing Company to deliver all documents required for Closing to Buyer and Seller and their designees by the 545 Closing Documents Delivery Deadline (§ 3). If Buyer is obtaining a new loan to purchase the Property, Buyer 546 acknowledges Buyer's lender shall be required to provide the Closing Company in a timely manner all required loan 547 documents and financial information concerning Buyer's new loan. Buyer and Seller will furnish any additional 548 information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and 549 Seller shall sign and complete all customary or reasonably required documents at or before Closing. 550 12.2. Closing Instructions. Buyer and Seller agree to execute the Colorado Real Estate Commission's Closing 551 Instructions. Such Closing Instructions r Are r Are Not executed with this Contract. Upon mutual execution, 552 1 Seller i Buyer shall deliver such Closing Instructions to the Closing Company. 553 12.3. Closing. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date 554 specified as the Closing Date (§ 3) or by mutual agreement at an earlier date. The hour and place of Closing shall be as 555 designated by Buyer and Seller 556 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality, and extent of service vary 557 between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies). 55g 13. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the 559 other terms and provisions hereof, Seller shall execute and deliver a good and sufficient 560 General Warranty deed to 561 Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as 562 provided herein, title shall be conveyed free and clear of all liens, including any governmental liens for special improvements 563 installed as of the dale of Buyer's signature hereon, whether assessed or not. Title shall be conveyed subject to: 564 13.1. Those specific Exceptions described by reference to recorded documents as reflected in the Title Documents 565 accepted by Buyer in accordance with Title Review (§ 8.1), 566 13.2. Distribution utility easements (including cable TV), 567 13.3. Those specifically described rights of third parties not shown by the public records of which Buyer has actual 568 knowledge and which were accepted by Buyer in accordance with Matters Not Shown by the Public Records (§ 8.2) 569 and Survey Review (§ 8.3), 570 13.4. Inclusion of the Property within any special taxing district, and 571 13.5. Other n/a CBS1 -940. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reaaast, Inc. ©2D11, Reallasl2Go. Software Registered to: John Wendt III. Mason Morse Real Estate. Inc. Page 13 of 19 572 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the 573 proceeds of this transaction or from any other source. 574 15. CLOSING COSTS, CLOSING FEE, CIC FEES AND TAXES. 575 15.1. Closing Costs. Buyer and Seller shall pay, in Good Funds, their respective closing. costs and all other items 576 required to be paid at Closing, except as otherwise provided herein. 577 15.2. Closing Services Fee. The fee for real estate Closing services shall be paid at Closing by F Buyer r Seller 578 F One -Half by Buyer and One -Half by Seller F Other 579 15.3. Status Letter and Transfer Fees. Any fees incident to the issuance of Association's statement of assessments 580 (Status Letter) shall be paid by E Buyer F Seller F One -Half by Buyer and One -Half by Seller. Any transfer fees 581 assessed by the Association (Association's Transfer Fee) shall be paid by F Buyer F Seller F One -Half by Buyer 582 and One -Half by Seller. 583 15.4. Local Transfer Tax. F The local transfer tax of 1.500 % of the Purchase Price shall be paid at 584 Closing by F Buyer r Seller r One -Half by Buyer and One -Half by Seller. 585 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction shall be paid when due by 586 f Buyer F Seller F One -Half by Buyer and One -Half by Seller. 587 16. PRORATIONS. The following shall be prorated to Closing Date (§ 3), except as otherwise provided: 588 16.1. Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, based on F Taxes 589 for the Calendar Year Immediately Preceding Closing f Most Recent Mill Levy and Most Recent Assessed 590 Valuation, adjusted by any applicable qualifying seniors property tax exemption, or f Other 591 592 16.2. Rents. Rents based on E Rents Actually Received F Accrued. At Closing, Seller shall transfer or credit to 593 Buyer the security deposits for all leases assigned, or any remainder after lawful deductions, and notify all tenants in 594 writing of such transfer and of the transferee's name and address. Seller shall assign to Buyer all leases in effect at 595 Closing and Buyer shall assume such leases. 596 16.3. Association Assessments. Current regular Association assessments and Association dues (Association 597 Assessments) paid in advance shall be credited to Seller at Closing. Cash reserves held out of the regular Association 598 Assessments for deferred maintenance by the Association shall not be credited to Seller except as may be otherwise 599 provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the Association, at 600 Closing, an amount for reserves or working capital. Any special assessment by the Association for improvements that 601 have been installed as of the date of Buyer's signature hereon shall be the obligation of Seller. Any other special 602 assessment assessed prior to Closing Date (§ 3) by the Association shall be the obligation of F Buyer F Seller. Seller 603 represents that the Association Assessments are currently payable at $ 1,300.00 per 604 quarter and that there are no unpaid regular or special assessments against the Property except the 605 current regular assessments and n/a 606 Such assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly request the 607 Association to deliver to Buyer before Closing Date (§ 3) a current Status Letter. 608 16.4. Other Prorations. Water and sewer charges, interest an continuing loan, and n/a 609 16.5. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final. 610 17. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date at Possession Time (§ 3), 611 subject to the following leases or tenancies: n/a 612 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be 613 additionally liable to Buyer for payment of $ 250.00 per day (or any part of a day notwithstanding § 18.1) 614 from Possession Date and Possession Time (§ 3) until possession is delivered. 615 Buyer F Does F Does Not represent that Buyer will occupy the Property as Buyer's principal residence. CBS1.848. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallasl, Inc. e2811, Reallasi2Go. Software Registered lo'. John Wendt III, Mason Morse Real Estate. Inc. Page 14 of 19 616 GENERAL PROVISIONS 617 18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE. • 618 18.1. Day. As used in this Contract, the term "day" shall mean the entire day ending at 11:59 p.m., United States 619 Mountain Time (Standard or Daylight Savings as applicable). 620 18.2. Computation of Period of Days, Deadline. In computing a period of days, when the ending date is not 621 specified, the first day is excluded and the last day is included. e.g., three days after MEC. If any deadline falls on a 622 Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline P' Shall r Shall Not be extended to the 623 next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline shall not be extended. 624 19. CAUSES OF LOSS, INSURANCE; CONDITION OF, DAMAGE TO PROPERTY AND INCLUSIONS AND 625 WALK- THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both shall be delivered in the 626 condition existing as of the date of this Contract, ordinary wear and tear excepted. 627 19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of 628 loss prior to Closing in an amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to 629 repair the same before Closing Date (§ 3). In the event such damage is not repaired within said time or if the damages 630 exceed such sum, this Contract may be terminated at the option of Buyer by delivering to Seller written notice to 631 terminate on or before Closing. Should Buyer elect to carry out this Contract despite such damage, Buyer shall be entitled 632 to a credit at Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting 633 from such damage to the Property and Inclusions, plus the amount of any deductible provided for in such insurance 634 policy. Such credit shall not exceed the Purchase Price. In the event Seller has not received such insurance proceeds prior 635 to Closing, then Seller shall assign such proceeds at Closing, plus credit Buyer the amount of any deductible provided for 636 in such insurance policy, but not to exceed the total Purchase Price. 637 19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication 638 services), systems and components of the Property, e.g., heating or plumbing, fail or be damaged between the date of this 639 Contract and Closing or possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of 640 such Inclusion, service, system, component or fixture of the Property with a unit of similar size, age and quality, or an 641 equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion, service, system, 642 component or fixture is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer 643 covering such repair or replacement. Seller and Buyer are aware of the existence of pre -owned home warranty programs 644 that may be purchased and may cover the repair or replacement of such Inclusions. 645 19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action 646 may result in a taking of all or part of the Property or Inclusions, Seller shall promptly notify Buyer, in writing, of such 647 condemnation action. In such event, this Contract may be terminated at the option of Buyer, in Buyer's sole subjective 648 discretion, by Buyer delivering to Seller written notice to terminate on or before Closing. Should Buyer elect to 649 consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer shall be entitled to a 650 credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or 651 Inclusions but such credit shall not include relocation benefits, expenses or exceed the Purchase Price. 652 19.4. Walk- Through and Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk 653 through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with 654 this Contract. 655 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller 656 acknowledge that the respective broker has advised that this document has important legal consequences and has 657 recommended the examination of title and consultation with legal and tax or other counsel before signing this Contract. 658 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as 659 Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation 660 hereunder is not performed or waived as herein provided, there shall be the following remedies: 661 21.1. If Buyer is in Default: 662 r 21.1.1. Specific Performance. Seller may elect to treat this Contract as canceled, in which case CB51 -8.10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallast, Inc. col 1, Reallast2Go. Sollware Registered lo: John Wendt ill, Mason Morse Real Estate, Inc. Page 15 o119 663 all Earnest Money (whether or not paid by Buyer) shall be paid to Seller and retained by Seller; 664 and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as 665 being in full force and effect and Seller shall have the right to specific performance or damages, or 666 both. 667 21.1.2. Liquidated Damages, Applicable. This § 21.1.2 shall apply unless the box in § 21.1.1. is 668 checked. All Earnest Money (whether or not paid by Buyer) shall be paid to Seller, and retained by Seller. Both 669 parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified 670 in § 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable 671 and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money shall be SELLER'S SOLE 672 AND ONLY REMEDY for Buyer's failure to perform the obligations of this Contract Seller expressly waives 673 the remedies of specific performance and additional damages. 674 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money 675 received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat 676 this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. 677 22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any 678 arbitration or litigation relating w this Contract, prior to or after Closing Date (§ 3), the arbitrator or court shall award to the 679 prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 680 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the parties shall 681 first proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial 682 person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties 683 to the dispute must agree, in writing, before any settlement is binding. The parties will jointly appoint an acceptable mediator 684 and will share equally in the cost of such mediation. The mediation, unless otherwise agreed, shall terminate in the event the 685 entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the 686 other at the party's last known address. This section shall not alter any date in this Contract, unless otherwise agreed. 687 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder shall release the Earnest 688 Money as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding 689 the Earnest Money (notwithstanding any termination of this Contract), Earnest Money Holder shall not be required to take any 690 action, Earnest Money Holder, at its option and sole subjective discretion, may (1) await any proceeding, (2) interplead all 691 parties and deposit Earnest Money into a court of competent jurisdiction and shall recover court costs and reasonable attorney 692 and legal fees, or (3) provide notice w Buyer and Seller that unless Eamest Money Holder receives a copy of the Summons 693 and Complaint or Claim (between Buyer and Seller), containing the case number of the lawsuit (Lawsuit) within one hundred 694 twenty days of Earnest Money Holder's notice to the parties, Earnest Money Holder shall be authorized to return the Earnest 695 Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit, and has not interpled the monies at 696 the time of any Order, Earnest Money Holder shall disburse the Earnest Money pursuant to the Order of the Court. The parties 697 reaffirm the obligation of Mediation (§ 23). The provisions of this § 24 apply only if (lie Earnest Money Holder is one of the 698 Brokerage Firms named in § 32 or § 33. 699 25. TERMINATION. In the event this Contract is terminated, all Earnest Money received hereunder shall be returned and 700 the parties shall be relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24. 701 26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This Contract, its exhibits and specified addenda, 702 constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining thereto, 703 whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of 704 this Contract shall be valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any 705 obligation in this Contract that, by its terms, is intended to be performed after termination or Closing shall survive the same. 706 27. NOTICE, DELIVERY, AND CHOICE OF LAW. 707 27.1. Physical Delivery. All notices must be in writing, except as provided in § 27.2. Any document, 708 including a signed document or notice, delivered to Buyer shall be effective when physically received by 709 Buyer, any signator on behalf of Buyer, any named individual of Buyer, any representative of Buyer, or CBS1 - 8.10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Reallast. Inc. 02011, Realtasl2Go. Software Registered lo: John Went 111. Mason Morse Real Estate, Inc. Page 16 of 19 710 Brokerage Firm of Broker working with Buyer (except for delivery, after Closing, of the notice requesting 711 mediation described in § 23) and except as provided in § 27.2 below. Any document. including a signed 712 document or notice, delivered to Seller shall be effective when physically received by Seller, any signator on 713 behalf of Seller, any named individual of Seller, any representative of Seller, or Brokerage Firm of Broker 714 working with Seller (except for delivery, after Closing, of the notice requesting mediation described in § 23) 715 and except as provided in § 27.2 below. 716 27.2. Electronic Delivery. As an alternative to physical delivery, any document, including any signed document or 717 written notice may be delivered in electronic form only by the following indicated methods: 1 Facsimile F Email 718 7 Internet E No Electronic Delivery. Documents with original signatures shall be provided upon request of any 719 party. 720 27.3. Choice of Law. This Contract and all disputes arising hereunder shall be governed by and construed in 721 accordance with the laws of the Slate of Colorado that would be applicable to Colorado residents who sign a contract in 722 Colorado for property located in Colorado. 723 28. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer 724 and Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 27 725 on or before Acceptance Deadline Date (§ 3) and Acceptance Deadline Time (§ 3). If accepted, this document shall become 726 a contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party 727 has executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties. 728 ADDITIONAL PROVISIONS AND ATTACHMENTS 729 29. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real 730 Estate Commission.) 1. TRANSFER TAX LANGUAGE FOR ASPEN - See Paragraph 15.4 Pursuant to Ordinance No, 20, Series 1979 of the City of Aspen, a Real Estate Transfer Tax in the amount of one - half of one percent (.005) of the purchase price shall be payable by the Buyer at closing. Pursuant to Ordinance No. 13, Series 1990 of the City of Aspen, a Housing Real Estate Transfer Tax in the amount of one percent (.01) of the purchase price exceeding $100,000.00 shall be payable by the Buyer at closing. (The first $100,000.00 is exempt from this tax.) 2. This contract is contingent upon the City of Aspen's City Council approval as shall be evident by a duly adopted resolution dated no later than 11/07/11. In the event that Aspen's City Council does not approve the sale of 910 W. Hallam #11 Aspen, Colorado 81611 on or before 11/7/11, all earnest money shall be returned in full and actual costs incurred by the Buyer for the apprasial and inspection, not to exceed $1200 shall be reimbursed to the Buyer within 48 hours of City Council's disapproval. 731 30. ATTACHMENTS. The following are a part of this Contract: none 732 Note: The following disclosure forms are attached but are not a part of this Contract: n/a 733 SIGNATURES 734 0051 -8-10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis. Broker Associate Reallast, Inc. @2011, Reatlasl2Go. Software Registered to: John Wendt 111, Mason Mxse Real Estate. Inc. Page 17 of 19 lI (�1 jbati ,Boyers Signaiure C -w' D ate l alv •A p it Kimberli Hull [_ Address: 1850 Bassett St #1124 Denver, CO 80202 Phone No: 12149092693 Fax No: Electronic Address; kim @kl Dli.tbm Buyer a Buyer's Signature / . 4 4 Date 9'v2 (/ O' // Gregory Hull Address: 1850 Bassett St #1124 Denver, CO 80202 Phone No: Fax No: Electronic Address: 735 736 [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 31] 737 City of Aspen Sellers Signature �/f �� / � 1 � 1� ""'ems Date 9 f 1 B y : C(drr 141 Mat R•Fi C - Address: 130 S. Galena Street Aspen, CO 81611 Phone No. Fax No. Electronic Address: 738 31. COUNTER; REJECTION. This offer is [- Countered F Rejected. 739 Initials only of party (Buyer or Seller) who countered or rejected offer 740 END OF CONTRACT TO BUY AND SELL REAL ESTATE 32. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Buyer) Broker r Does ,IjDoes Not acknowledge receipt of Earnest Money deposit specified in § 4.1 and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instmctions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker agrees that if Earnest Money Holder is other than the Brokerage Firm identified in § 32 or § 33, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be obtained on or before delivery of Earnest Money to Earnest Money Holder. Broker is working with Buyer as a5i$uyer's Agent f Seller's Agent F Transaction - Broker in this transaction. F This is a Change of Status. '•''\\ Brokerage Firm's compensation or commission is to be paid by ,istfng Brokerage Firm I Buyer F Other CBS141D, CONTRACTTO BUY AND SELL REAL ESTATE (REBIDEIIAL) PREPARED BY: SIeRTenk Lents, Broker Associate Rea tel Inc 5RDI 1, Re9BuI2Ge. Salina* R*(fld Io: John We,dl Ig, Mason Mom Real ERR*. Inc Page 11 at 19 Brokerage Firm's Name: Mason Morse Real Estate, Inc. Brokers Name: Stephanie Lewis Ce�t'26, x\ Broker's Signature Date Address: 514 E. Hyman Ave., Aspen, CO, 81611 Phone No.: 970-925-7000 Fax No.: 970- 925 -7027 Electronic Address: stephanie@masonmorse.com 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Seller) Broker F Does F Does Not acknowledge receipt of Earnest Money deposit specified in § 4.1 and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker agrees that if Earnest Money Holder is other than the Brokerage Firm identified in § 32 or § 33, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be obtained on or before delivery of Earnest Money to Earnest Money Holder. Broker is working with Seller as a E Seller's Agent F Buyer's Agent F Transaction- Broker in this transaction. F This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by F Seller f Buyer r Other Brokerage Firm's Name: Morris & Frywald, Sotherby's Intl Realty Broker's Name Greg Hunter Broker's Signature Date Address: Phone No.: 970 925 - 6060 Fax No.: Electronic Address: greg @greghunterproperties.com CBS1.8 .10. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) PREPARED BY: Stephanie Lewis, Broker Associate Realtasl. Inc. 02011. Reatlasl2Go. Software Registered to: John Wendt III. Mason Morse Real Estate. Inc. Page 19 o119